The U.S. Treasury Secretary, Timmy G., wants to get rid of cash and just use electronic transactions. He also says it is too costly to make pennies and nickels. "According to Geithner it now costs 2.4 cents to make a penny and 11.2 cents to make a nickel because rising commodity prices have driven up production costs."

Treasury Secretary Tim Geithner wants to change the materials used to make coins and replace paper money with digits on the computer (electronic transactions).

According to Geithner, it now costs 2.4 cents to make a penny and
11.2 cents to make a nickel because rising commodity prices have driven
up production costs.

Why are commodity prices rising? Because of inflation created by the
Federal Reserve’s money printing. According to an opinion piece in The Wall Street Journal, the Fed bought 61 percent of the total debt issued by the Treasury Department last year.

“The Fed is in effect subsidizing U.S. government spending and
borrowing via expansion of its balance sheet and massive purchases of
Treasury bonds. This keeps Treasury interest rates abnormally low,
camouflaging the true size of the budget deficit,” former Treasury
official Lawrence Goodman wrote.

So Fed policies of moving debt around, paying debt with more debt and
money printing gives Congress (and Americans) a sense that — even
though the deficit is tremendous — it’s not as bad as it really is.
Inflation has gotten out of hand and it’s driving up the cost of the
money Americans use, so Geithner believes it’s time to steer America
into a cashless economy, under the guise of saving what has become a
piddling $75 million.

Don’t buy into Geithner’s lie. The goal is to eliminate the
underground cash economy and make a way of tracking all purchases in
order to collect more taxes.

The elites in government won’t be content until they have stolen
every penny possible from every American. The underground cash economy
can’t be tracked and, therefore, can’t be taxed. It’s yet another effort
to stave off the economic collapse they’ve set in motion.

And, if all purchases become electronic, government will know what everyone is doing. As Gary North writes in his Tea Party Economist blog: “The ATM is our friend. No matter how hard the government tries
to stamp out paper currency, people will use it. They buy freedom with
it. They buy privacy.”

Top Opinion

NO. Many people will, though, and have been being groomed for it for quite some time now. paypass, paperless statements and automatic withdrawals, debit cards. The lure of ease and incentives has set people up so that many will not only accept it, but welcome it.

It is not only your privacy you would be giving up, but you could effectively be rendered completely penniless with a single computer entry.

I like being able to buy something without anyone being able to directly link me to the transaction.
Nothing illegal or immoral. I just want the right to privacy promised by the US Supreme Court in Roe v Wade.

Considering that the money we use now has no real value since it is not real copper, ssilver or backed by gold I suppose it would'nt make that big of a difference, Except that you could no longer but a bit away under the mattress for a rainy day. A cashless society means that you could no longer buy anything in a private manner and the government will be monitering all of your purchases.

No. Cashless systems, while convenient, force every single person to be a part of the system and will allow us all to have every single transaction we make be tracked by the government. In other words,its a complete violation of the 4th Amendment. Cashless systems also have a massive problem withthe government being able to to create money out of thin air, and with Obamacare, they are able to drain your bank account without warrant.

Even though the Fiat system has the same flaw of allowing the government (or in our case the federal reserve owned by private banks) to print money freely, but there are at least physical limitations, and the government doesnt track your money 24/7.

I think we need more and bigger guns, and even then its very possible that guns may be ineffecive with the sorts of weapons he government has these days.Although, we'll at least be able to protect ourselves from random thieves.

A bit hard to make change - a barter club might hold credits and provide banking services in a quite limited way, that'd be good. It's like forgetting about "legal tender" and turning money over to the TRULY FREE market. Maybe BitCoin?

Honestly, the entire Monetary System has become a Joke! There's no Fiscal Responsibility to curb Spending. And, the Money is becoming worthless. Approaching $16 Trillion Dollars on the U.S. National Debt. Total U.S. Unfunded Liabilities at $118 Trillion Dollars. :-( Link: http://www.usdebtclock.org

Most people think that a move to a cashless society, with all transactions being done via computers and even – perish the thought – little microchips embedded in the body, is a wonderful idea. Balderdash.

Don’t get me wrong. I’m just as fond of using my card to purchase things online as the next guy, but I’m still old fashioned enough to conduct some transactions still by a written cheque, snail mail, and even cash. Imagine hackers hacking into SWIFT, the Society for Worldwide Interbank Financial Transfer’s computers in Brussels. Nothing is impossible.

A cashless society would be a nightmarish opportunity for the sorts of “assymmetrical warfare” types of operations of which terrorism is only the tip of the iceberg. Without multiple redundant systems of media of exchange, including good old fashioned cash, the opportunities for sophisticated people to do enormous damage to the world’s major economies is immense.

Computer systems require such redundancies by the nature of the case, but we must understand, that economies need them too, for in the computer age, they are dangerously exposed to such activity. Economies need redundant layers of media of exchange. A totally cashless society, in my opinion, is a splendidly and magnificently bad idea.

NO. Many people will, though, and have been being groomed for it for quite some time now. paypass, paperless statements and automatic withdrawals, debit cards. The lure of ease and incentives has set people up so that many will not only accept it, but welcome it.

It is not only your privacy you would be giving up, but you could effectively be rendered completely penniless with a single computer entry.

Yes. While the grocery stores, followed by almost every store you go to these days, may have started their convenience cards as a way to target customers for repeat business, those can and I'm sure will be used to collect even the most basic info on people and will be collated into the fusion center and new Utah databases along with any other information they can access.

Hackers are another real threat to a cashless society. As are errors. How many times have you had trouble getting an error resolved with a bank, company or agency because of a computer error? And how long has it taken? Imagine if your entire account was involved? What would you do for groceries or gas or any other necessity?